statutory close corporation
- statutory close corporation
-
USA
A company established under a specific state statute that must meet certain conditions. For example, for a company to be a close corporation under Delaware law:
• The shares of such company must be owned by fewer than 30 stockholders.
• The shares of such company must be subject to certain restrictions on transfer.
• Such company must not engage in any public offering of its shares.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
Look at other dictionaries:
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